Bank Prime rates have already been adjusted to 3% flat which means that we have adjustable / variable rate mortgages at 3.6% and HELOCs at 4% flat.
As many of you who follow this site know, fixed rates have also been coming down consistently over the past couple of months and I would expect that trend to continue for awhile yet. That said, this may be the best time to consider “locking in” a variable or adjustable into a fixed rate, or refinancing an existing higher-rate mortgage because the minute the Bank of Canada smells a recovery in the economy they will raise rates to prevent runaway inflation.
If the economy starts to recover you will have already missed your chance to lock-in at a great fixed rate. Seriously. It happens that fast sometimes.